Correlation Between Thrivent High and John Hancock
Can any of the company-specific risk be diversified away by investing in both Thrivent High and John Hancock at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Thrivent High and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thrivent High Yield and John Hancock Multifactor, you can compare the effects of market volatilities on Thrivent High and John Hancock and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Thrivent High with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thrivent High and John Hancock.
Diversification Opportunities for Thrivent High and John Hancock
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Thrivent and John is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Thrivent High Yield and John Hancock Multifactor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Multifactor and Thrivent High is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Thrivent High Yield are associated (or correlated) with John Hancock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of John Hancock Multifactor has no effect on the direction of Thrivent High i.e., Thrivent High and John Hancock go up and down completely randomly.
Pair Corralation between Thrivent High and John Hancock
Assuming the 90 days horizon Thrivent High Yield is expected to generate 0.24 times more return on investment than John Hancock. However, Thrivent High Yield is 4.1 times less risky than John Hancock. It trades about 0.09 of its potential returns per unit of risk. John Hancock Multifactor is currently generating about 0.0 per unit of risk. If you would invest 422.00 in Thrivent High Yield on August 26, 2025 and sell it today you would earn a total of 5.00 from holding Thrivent High Yield or generate 1.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thrivent High Yield vs. John Hancock Multifactor
Performance |
| Timeline |
| Thrivent High Yield |
| John Hancock Multifactor |
Thrivent High and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thrivent High and John Hancock
The main advantage of trading using opposite Thrivent High and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thrivent High position performs unexpectedly, John Hancock can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in John Hancock will offset losses from the drop in John Hancock's long position.| Thrivent High vs. Lord Abbett Convertible | Thrivent High vs. Gabelli Convertible And | Thrivent High vs. Fidelity Sai Convertible | Thrivent High vs. Rationalpier 88 Convertible |
| John Hancock vs. FT Vest Equity | John Hancock vs. Northern Lights | John Hancock vs. Diamond Hill Funds | John Hancock vs. Dimensional International High |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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